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No. S 396

Income Tax Act

(Chapter 134)

Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2003

In exercise of the powers conferred by section 14I(4) of the Income Tax Act, the Minister for Finance hereby makes the following Order:

Citation

1. This Order may be cited as the Income Tax (Transfer of Undertaking by Bank or Finance Company) Order 2003.

Declaration of provisions in accounts

2. It is hereby declared that, subject to the conditions specified in the letter of approval dated 18th July 2003, the provisions in the accounts of Ban Hin Lee Bank Berhad Singapore Branch which have been transferred to Southern Bank Berhad Singapore Branch —

(a)	shall not be deemed under section 14I(2)(b) of the Act to be a trading receipt of Ban Hin Lee Bank Berhad Singapore Branch; and
(b)	shall for the purposes of section 14I of the Act be treated as having been allowed to Southern Bank Berhad Singapore Branch as a deduction under that section.

Made this 5th day of August 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[R032.018.00010.V07.T01; AG/LEG/SL/134/2002/2 Vol. 1]